SAN JOSE, Calif., May 19, 2020 /PRNewswire/ -- With many employees sheltering in place and working from home, Maxim Integrated Products, Inc. (NASDAQ: MXIM) is striving to do its part in the global fight against the COVID-19 pandemic. Those who can work in our factories and offices are strictly adhering to social distancing and meticulous cleaning and safety requirements. Despite everything being turned upside down and all the uncertainty, Maxim Integrated has implemented a number of programs to support our employees and our larger community through this unprecedented time. A handful of these initiatives is described below.
Supporting Our Employees
The health and safety of our employees is priority one. Our manufacturing facilities in the U.S., Thailand, and the Philippines adhere to strict cleaning and safety protocols to protect workers from infection. Maxim Integrated offices that are open or have a small team of essential workers are likewise following rigorous disinfecting and safety procedures.
Most non-manufacturing employees across the globe now work from home. Given the realities that a larger-than-usual population is working from home during this global health crisis, we continually communicate best practices to help focus our workforce on productivity, results, and personal and team well-being. These include setting up an effective workspace, video assessments with ergonomic specialists, tips and tricks for video meetings, and recognition opportunities. We also offer live and recorded webinars for coping with stress during uncertainty, as well as other physical and mental health resources. Aligned with our "One Maxim" collaboration-focused value, we have migrated to team-building activities leveraging technology, conducting events such as virtual happy hours, online movie parties, coffee breaks, and book club meetings.
In addition, many parents are now balancing their professional responsibilities with homeschooling their children. Moms and dads are quickly learning how challenging teaching can be—especially with the youngest students. In the U.S., Maxim Integrated launched its Homeschooling Resource Exchange, an online site that welcomes the sharing of useful tips, questions and answers, educational materials, and other recommendations. The site is organized into channels for different grade levels.
Maxim Integrated recognizes that employee development remains essential as no business can afford to put competency building on hold even as it puts employee safety first. Throughout this crisis and afterwards, we understand that increased learning capabilities will drive a stronger future for our company. To that end, we redesigned MaximU, our online learning portal filled with training targeted to specific jobs, professional skills development, and management and leadership topics. In addition to a collection of video-based classes, the portal also features a Knowledge Bank where employees can search for discussions, papers, presentations, and other resources from their colleagues. Maxim Integrated's Learning & Organization Development team supports virtual learning globally, from live webinars for manager skill-building to virtual unconscious bias workshops to cultural intelligence workshops as well as the kick off of a new "Invest in Yourself" workshop with the company's IT team.
The spread of COVID-19 has also disrupted our financial wellbeing. To help alleviate some of the concerns that our employees may have, Maxim Integrated added a new paid COVID-19 leave for those who are unable to work due to the pandemic. We also updated our benefits, including an additional hospital allowance for our employees in China and loan payment deferrals for U.S. 401(k) plan participants. In addition, we are covering 100% of the costs for medically necessary COVID-19 testing globally, and our employee assistance program provides confidential advice and support to those who need it. In the U.S., the company has offered additional financial education via its 401(k) administrator, Fidelity Investments.
Supporting Our Community
We have all seen on the news stories about individuals and families in our community who are facing hardships as this pandemic unfolds. Maxim Integrated historically focuses its charitable giving in support of our local communities. This crisis is no different, as we sponsor a variety of relief efforts to help those in need. Below are just a few examples.
In Cavite, Philippines, the site of Maxim Integrated's largest factory, the company contributes US$10,000 per week to help feed the local community and will continue to do so throughout the epidemic. We've also distributed personal protective equipment (PPE) to front-line healthcare workers in the region.
Maxim Integrated donated 2,000 N95 masks to hospitals in Portland, Oregon, and in the Silicon Valley.
Employees at our San Jose, California, headquarters are participating in a donation drive for Second Harvest of Silicon Valley, raising more than $20,000 that will be matched dollar for dollar by the company.
Our employees based in Chelmsford, Massachusetts, organized a fundraiser for the Merrimack Valley Food Bank, where all employee contributions will be matched by the company.
Employees in Italy are donating to COVID-19 hospitals in Milan and Catania via payroll deduction.
Through Maxim Integrated's Give.Care.Do. program, our kind and generous employees have also contributed to other nonprofit organizations who are providing COVID-19 support.
In partnership with One Billion Literates Foundation, an organization that provides quality education to underprivileged children in rural Bangalore, the Maxim Integrated India team has contributed a grant that funds COVID-19 relief and rehabilitation activities. These funds will help provide those in need with dry ration food kits and fabric face masks.
Maxim Integrated will continue to do our part to contain the spread of the infection, support employee healthcare, help to maintain employee financial well-being, and keep manufacturing running to support our customers.